Stock Market Weekly Review

15 Mar, 2024 - 00:03 0 Views
Stock Market Weekly Review The Zimbabwe Stock Exchange

eBusiness Weekly

Business Writer

The Zimbabwe Stock Exchange (ZSE) experienced a strong week, closing bullish for the period ending Wednesday, March 13, 2024. The All Share Index rose significantly by 7,92 percent, reaching a new level of 548 400,18.

The positive sentiment extended to the ZSE Top 10 Index, which saw an even steeper climb of 9,12 percent, closing at 246 333,17. This upward trend also contributed to a 9,09 percent increase in market capitalization, bringing the total value to an impressive $43,6 trillion.

BridgeFort Capital emerged as the week’s star performer, recording a remarkable 100 percent increase in its share price, reaching $7 000.

Meikles followed closely with a 60,35 percent gain, pushing its share price to $394 000. It’s important to note that BridgeFort is currently trading under a cautionary statement due to a May 2023 announcement considering delisting from the ZSE and migrating to the Victoria Falls Stock Exchange (VFEX).

Other notable risers included Turnall (up 56,29 percent), Cafca (up 37,5 percent), and Econet (up 37,25 percent).

Notably, Econet’s strong performance coincided with their declaration of an interim dividend of US$15 million (0,55 US cents per share) for the full year ended February 29, 2024.

Despite the overall positive movement, the market also witnessed some decliners. Hippo Valley suffered the most significant loss, dropping 23,9 percent to $418 510,34. NMB, BAT, Mash, and Seed Co were among the other companies experiencing share price declines.

Several companies saw significant developments during the week.

Simbisa announced their half-year results to December 2023, revealing a 7 percent increase in revenue to US$146,75 million compared to the same period in the prior year.

This growth was driven by a 2 percent rise in customer count and a 5 percent increase in average customer spending. Notably, the Zimbabwe market contributed 72,57 percent of the group’s revenue, reflecting a rise from 67,65 percent compared to the previous year.

Additionally, brickmaking firm Willdale Limited is seeking shareholder approval for the development of approximately 123,6 hectares of land in the Mt. Hampden area.

Their plan involves converting the land into residential and industrial stands for subsequent sale to generate cash flow.

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